What Is a Major Difference Between GAAP and IFRS with Regard

question 82

Multiple Choice

What is a major difference between GAAP and IFRS with regard to recognition of revenue?

• A) Under IFRS, the seller does not have to transfer risks and rewards of ownership to the buyer.
• B) IFRS does not require delivery of goods for revenue to be recognized.
• C) Under IFRS, the price of the goods does not have to be fixed or determinable.
• D) Under IFRS, the seller may retain managerial involvement over the goods after sale.

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Definitions:

Cell Recognition

A biological mechanism through which cells identify and interact with each other, playing a critical role in immune response, cellular adhesion, and communication.

Radioactive Isotopes

Atoms of the same element with different numbers of neutrons, making them unstable and subject to radioactive decay.

Cell Membranes

Biological membranes that separate and protect the interior of a cell from its surrounding environment, consisting of a lipid bilayer with embedded proteins.

Human Cells

The basic structural, functional, and biological units of the human body, essential to all of the body's processes and functions.